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Yomiuri Shimbun
5 days ago
- Business
- Yomiuri Shimbun
Airport Terminal Issue: Were Inappropriate Transactions Conducted Only at Haneda?
Opaque funds were flowing from a firm related to an operating company for Haneda Airport terminal buildings to a company headed by a family member of an influential politician. Why was the cozy relationship not cut off? A thorough investigation is needed, including looking into transactions at other airports. From 2006 to 2016, a wholly owned subsidiary of the operating company Japan Airport Terminal Co., which is listed on the Tokyo Stock Exchange's Prime Market, provided more than ¥400 million to a company run by the eldest son of Makoto Koga, a former secretary general of the ruling Liberal Democratic Party, over a project to set up massage chairs at Haneda Airport. The eldest son's company had entirely delegated the actual business operations to another company. The national tax authorities pointed out that the eldest son's company took no part in actual business operations and imposed additional taxes on the subsidiary. Even after that, the subsidiary continued to provide funds in different forms, and the national tax authorities noted the failure of the eldest son's company to report the income. Japan Airport Terminal is a highly public company that is allowed to operate on state-owned land based on the Airport Law and other legislation. It is unacceptable for the company to provide opaque funding that would arouse the suspicion of users. It can be said that the incident has exposed the malfunctioning of corporate governance. It is not surprising that the chairman as well as the president of Japan Airport Terminal, who led the provision of funds, both resigned to take responsibility in response to the revelation of the problem. In an internal investigation, the president of Japan Airport Terminal was quoted as saying that since the person in question was the son of a former member of the House of Representatives, the president was unable to end their long-standing personal relationship. The president also explained he had never asked for anything in return. The question remains as to whether the 'personal relationship' was the only reason for the massive provision of funds. The Land, Infrastructure, Transport and Tourism Ministry has issued a stern reprimand, which amounts to administrative guidance, to Japan Airport Terminal. It also requested that 25 airport terminal operating companies nationwide investigate the actual situation, including their subsidiaries, to determine if there are any inappropriate funds being provided to business partners. The eldest son's company has already been found to have had dealings with operating companies at two airports in Fukuoka and Osaka prefectures as well. Each operating company must conduct a thorough investigation to determine whether any improper provision of funds similar to that which took place at Haneda Airport also occurred at other airports. The government has a responsibility to supervise operating companies for airport terminals under the Airport Law. If investigations are insufficient or inappropriate transactions are suspected, the ministry should launch its own investigation. The government is aiming to make Japan a 'tourism-oriented country,' but it is not doing enough to check airport operations, which are the key to achieving this goal. The reality is that the selection of tenants in airport terminals and business partners is left to the discretion of the operating companies. To prevent problematic transactions, it is necessary to require operating companies to report to the government about contract details between them and their business partners, and their actual business situation. For example, the introduction of a system in which the government conducts regular audits may also be something to consider. (From The Yomiuri Shimbun, May 30, 2025)
The Mainichi
5 days ago
- Business
- The Mainichi
Sony's financial arm aims to launch overseas businesses after listing
TOKYO (Kyodo) -- The top executive of the financial unit of Sony Group Corp. said Thursday that it aims to launch overseas operations after it is spun off from the parent company and listed on the Tokyo stock market later this year. Toshihide Endo, CEO of Sony Financial Group Inc., said the company will focus on "honing our business model at home "through March 2027, adding that expanding its business abroad is "on the menu as an excellent strategy for the mid-term." Sony Financial has no overseas operations at present, a spokesperson said. Endo was speaking at a meeting with the media and investors as his company prepares to list on the Tokyo Stock Exchange's top-tier Prime Market on Sept. 29. The plan will allow the parent company to better focus on its entertainment businesses -- especially games, music and movies -- that have grown to account for more than 60 percent of the conglomerate's total sales. "Financial services will remain an integral part of our group even after it is spun off, and (Sony Group) will continue to support its growth," Sony Group CEO Hiroki Totoki said at the meeting. Sony Group's stake in the wholly owned unit will fall to below 20 percent after the financial unit goes public. Sony Financial said it will list on the TSE without an initial public offering -- the first of its kind in Japan since 2000. During the press conference, the unit said it plans to buy back its own shares worth up to 100 billion yen ($688 million) from its listing through the end of March 2027. Sony Financial was previously listed on the Tokyo market, but the parent company made it a wholly owned subsidiary in 2020 to speed up decision-making.
The Mainichi
18-05-2025
- Business
- The Mainichi
Most female execs doubt Japan will hit 30% goal for women in top jobs
TOKYO (Kyodo) -- Over half of female business leaders in Japan doubt the country will reach its target of having women occupy 30 percent of top corporate roles by 2030, citing slow shifts in views among its male-dominated executive class. In a Kyodo News survey of 41 senior women, including CEOs and auditors at major firms, 73 percent said a shift in how top management views the issue is needed to increase the number of women in senior roles, while 54 percent cited the need to change company culture. The government has asked firms listed on the Tokyo Stock Exchange's top-tier Prime Market to up the ratio of female executives to 30 percent or more by 2030. However, 54 percent of respondents said the target will not be reached, while 29 percent said it will. A 2024 Kyodo News analysis found that women held 16.2 percent of high-level roles at Japan's top companies. The country trails its Group of Seven peers, which average 38.8 percent, according to Cabinet Office data. Asked why the imbalance persists in Japan, 71 percent of those surveyed pointed to the "effects of traditional gendered divisions of labor," while 63 percent attributed it to "work-life balance issues." Around 80 percent of respondents said they would encourage younger generations of women to aim for senior positions, with none saying they would not. The survey conducted from mid-March through early May coincides with the 40th anniversary of the enactment of Japan's law on equal opportunity and treatment between men and women in employment. On the legislation's effect, just 7 percent said it had achieved its aims, while 63 percent said it had "somewhat" done so.
Kyodo News
17-05-2025
- Business
- Kyodo News
Most female execs doubt Japan will hit 30% goal for women in top jobs
KYODO NEWS - 5 hours ago - 21:30 | All, Japan Over half of female business leaders in Japan doubt the country will reach its target of having women occupy 30 percent of top corporate roles by 2030, citing slow shifts in views among its male-dominated executive class. In a Kyodo News survey of 41 senior women, including CEOs and auditors at major firms, 73 percent said a shift in how top management views the issue is needed to increase the number of women in senior roles, while 54 percent cited the need to change company culture. The government has asked firms listed on the Tokyo Stock Exchange's top-tier Prime Market to up the ratio of female executives to 30 percent or more by 2030. However, 54 percent of respondents said the target will not be reached, while 29 percent said it will. A 2024 Kyodo News analysis found that women held 16.2 percent of high-level roles at Japan's top companies. The country trails its Group of Seven peers, which average 38.8 percent, according to Cabinet Office data. Asked why the imbalance persists in Japan, 71 percent of those surveyed pointed to the "effects of traditional gendered divisions of labor," while 63 percent attributed it to "work-life balance issues." Around 80 percent of respondents said they would encourage younger generations of women to aim for senior positions, with none saying they would not. The survey conducted from mid-March through early May coincides with the 40th anniversary of the enactment of Japan's law on equal opportunity and treatment between men and women in employment. On the legislation's effect, just 7 percent said it had achieved its aims, while 63 percent said it had "somewhat" done so. Related coverage: Women make up 16% of executives in Japan's top-listed firms: study Only 13 female CEOs among Japan's 1,600 top-listed companies: survey
Kyodo News
17-05-2025
- Business
- Kyodo News
Most female execs doubt Japan will hit 30% goal for women in top jobs
KYODO NEWS - 6 minutes ago - 21:30 | All, Japan Over half of female business leaders in Japan doubt the country will reach its target of having women occupy 30 percent of top corporate roles by 2030, citing slow shifts in views among its male-dominated executive class. In a Kyodo News survey of 41 senior women, including CEOs and auditors at major firms, 73 percent said a shift in how top management views the issue is needed to increase the number of women in senior roles, while 54 percent cited the need to change company culture. The government has asked firms listed on the Tokyo Stock Exchange's top-tier Prime Market to up the ratio of female executives to 30 percent or more by 2030. However, 54 percent of respondents said the target will not be reached, while 29 percent said it will. A 2024 Kyodo News analysis found that women held 16.2 percent of high-level roles at Japan's top companies. The country trails its Group of Seven peers, which average 38.8 percent, according to Cabinet Office data. Asked why the imbalance persists in Japan, 71 percent of those surveyed pointed to the "effects of traditional gendered divisions of labor," while 63 percent attributed it to "work-life balance issues." Around 80 percent of respondents said they would encourage younger generations of women to aim for senior positions, with none saying they would not. The survey conducted from mid-March through early May coincides with the 40th anniversary of the enactment of Japan's law on equal opportunity and treatment between men and women in employment. On the legislation's effect, just 7 percent said it had achieved its aims, while 63 percent said it had "somewhat" done so. Related coverage: Women make up 16% of executives in Japan's top-listed firms: study Only 13 female CEOs among Japan's 1,600 top-listed companies: survey
